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Money to the Masses


Insurance companies need to do more


This week it was great to see that some insurance companies are starting to do the right thing by their customers. LV, for example, has introduced payment breaks for qualifying customers who are struggling financially. But importantly, the amount of protection remains unaffected during an agreed payment break. Meanwhile, Admiral has become the first major UK motor insurer to offer its customers partial refunds in recognition of the fact that many drivers are stuck at home.

Unfortunately, most insurance companies are doing very little to help their customers with the cost of their premiums. This is staggering given that many of their customers can’t take advantage of the benefits that are often included with these products. One life insurance provider has offered to help customers temporarily reduce the cost of their policies by also reducing the amount of cover they are entitled to. In my opinion, reducing customers' life insurance cover at a time when they need it most is not in a customer's best interest.

I hope we see more companies follow LV’s lead in the coming weeks. Those that do are likely to be remembered once the pandemic has passed as organisations that really value their customers.
Enjoy this week's newsletter.

Damien Fahy
MoneytotheMasses.com founder




Damien Fahy & MoneytotheMasses are regularly quoted in the national press including
Money to the Masses Podcast
Episode 268 - On this week's show we discuss the power of words in helping you conquer your finances and achieve your goals. We also discuss how traditional portfolio construction has been called into question after the recent market slump. Plus I talk about the importance of focusing on opportunity and your net wealth. Finally, we discuss ways to earn money from home.
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Damien's Midweek Markets Podcast
Episode 58 - The latest episode of my DIY investment podcast where I discuss what is happening in investment markets. This week I talk about value hunting as well as why the oil price went negative.
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This Week's Video - Subscribe to our YouTube channel

In this video Damien explains why it's so important to regularly check your credit report.

Follow us on Instagram - @moneytothemasses

Being on lockdown has allowed many of us to get round to those arduous tasks that we always put off, so why not give your finances a spring clean whilst you are at it. ⁠

To get you started, here are 5 ways to start spring cleaning your finances 🧹⁠


✅ STOP paying interest on debt - take a look at how much interest you are paying on your credit card or loan and see if you are better off completing a 0% balance transfer. (It may also be worth checking you are on the best mortgage deal too)⁠

✅ Shop around on bills - Have you got the best price on your household bills? Shop around as changing energy/insurance provider could save you ££'s⁠

✅ Check your credit report - Regularly check your credit report for any fraudulent activity. Something could be harming your score and you might not know it.⁠

✅ Set a budget - Sorting out your finances and setting a budget will highlight what you may be wasting your money on. Sticking to a budget will help you to control your spending. ⁠

✅ Take Damien's Money MOT - The easiest way to see which areas of your finances need a bit of TLC is by taking Damien's Money MOT. It will highlight areas that need improving and help you work towards improving your financial health. ⁠


For more tips on spring cleaning your finances visit the Money to the Masses website.

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